This was due to a bribery scandal. In the Sharpstown area of Houston in 1970-71, a banker and insurance manager granted loans to state officials who purchased the stock and were going to turn around and sell it at a large profit. Bribery claims were leveled against numerous state officials, all the way up to the Lt. Governor and Governor of Texas. This led to the ending of the political careers of almost everyone involved in the scandal.
